The availability of Roth contributions has doubled in the last decade, and more plan sponsors are using a default deferral rate with automatic enrollment that is higher than 3%, a Plan Sponsor Council of America survey found.
At the time of an analysis from the Center for Retirement Research (CRR) at Boston College, 62% of eligible workers were participating, and 93% of contributing participants had not changed their default deferral rate of 5%.
According to John Hancock data, helping employees reduce their financial worries is well worth employer’s time and attention.
And 401(k) providers are the top source for financial advice.
INSIDE THE MAGAZINE PLANSPONSOR OCTOBER/NOVEMBER 2019
Most 401(k) trading in the month favored fixed income investments.
The program includes tools such as “money coaching,” where customers can utilize a financial professional for thirty days at no additional cost; identity theft protection and resolution services, and tools and resources for preparing wills and other important legal documents, among other things.
A newly filed complaint takes issue with the way MetLife calculates the actuarial equivalence of different types of annuity benefit options available in the firm’s pension plan.
Details of the settlement agreement are forthcoming.
Firms that monitor defined benefit (DB) plan funded status reported slight gains for the month.
The 9th U.S. Circuit Court of Appeals found that the facts alleged are insufficient to support a plausible inference of breach of the duty of loyalty, breach of the duty of prudence, or that a prohibited transaction took place.
Recently, the U.S. District Court for the Southern District of Indiana has ordered the fiduciaries of health benefit plan to pay restitution of $145,635 to 596 employees who paid a tobacco use surcharge as part of their medical insurance premium.
On average, they offer 27 core investment options, according to ICI and BrightScope
Findings in a Buck survey demonstrate that a failure to creatively invest in employee wellness can result in many adverse consequences for the success and sustainability of a business.